The privacy-focused cryptocurrency activates a network upgrade to prevent counterfeit ZEC from entering circulation after a recent vulnerability scare.
Zcash has activated the Ironwood network upgrade, replacing its Orchard shielded pool with a new private pool to prevent counterfeit coins from circulating. The upgrade addresses a critical flaw discovered in May that could have allowed attackers to create fake ZEC, sparking a 38% price drop amid supply integrity concerns.
The retired Orchard pool holds approximately 3.7 million ZEC, valued at $1.7 billion. Ironwood introduces quantum-resistant transaction records and formally verified cryptography to enhance security while maintaining privacy guarantees. Developers patched the vulnerability in June but could not confirm if it had been exploited.
The upgrade aims to restore confidence in Zcash’s supply integrity following weeks of market uncertainty and investor selloffs.